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I would speculate that all of Hoboken will enjoy appreciation in the coming years. Hoboken is just one square mile and when the market improves everyone will benefit.

For investors looking to make a bet on a particular area of town that is not already developed, then they would look to 2 different areas in town.

The North West area of Hoboken, currently undergoing big changes, beautification, re-zoning and is bringing in commercial property in addition to residential mix use buildings..
And The South area of Hoboken along Observer Highway and Newark. It will also be going through big changes like the North West area is currently going through, but we will likely not actually start to see it for another few years.

Hoboken will continue growth in many areas but I think the sleeper area is the Southwest area of town. There is a plan to knockdown an old factory and install a huge park, many new buildings are popping up/getting gut renovated and there is always a demand for being close to the PATH and Light Rail. I also think you will see more bars/restaurants in the SW area as people are going to look at the success of the Biergarten and try and put the next best thing in that area. Who would have thought a bar at 14th & Grand would be so successful so early.

As always the areas closest to the path train and the light rail. II espically like the 14 street area because people are so very focused on the path train and light rail they don't realize how fast it is to get to midtown manhattan through the Linclon Tunnel. You can be at 42nd street Port Authority in less then 10 minutes on an average traffic day. That is with out rush hour traffic. Also that location on 14 street Hoboken is very close to River Road. Along River Road is all the new development. You will find Whole foods, Trader Joes, movie theaters, restaurants, and much more. All this by simply making a couple if turns and then driving straight ahead onto River Road. I absolutely love that location. Close to Nyc and so much more.